L&T Technology Services achieves remarkable double-digit growth in Q3FY24
L&T Technology Services Limited (LTTS), a prominent name in India’s engineering services sector, has announced its financial results for the third quarter of the fiscal year 2024 (Q3FY24), ending December 31, 2023. The company’s report highlights a substantial double-digit growth in both revenue and net profit, underscoring its robust position in the industry.
Substantial Growth in Revenue and Profit
In Q3FY24, LTTS recorded a revenue of ₹2,422 crore, marking a significant year-on-year (YoY) increase of 12% and a quarter-on-quarter (QoQ) growth of 2%. This growth trajectory is also reflected in its USD revenue, which reached $290.7 million, representing an 11% YoY and a 1% QoQ growth. The company’s net profit for the quarter stood at ₹336 crore, witnessing a notable 13% YoY increase.
EBIT Margin and Operational Highlights
The EBIT margin for LTTS in Q3FY24 was reported at 17.2%, indicating the company’s efficient operational management and profitability. During this quarter, LTTS achieved a significant milestone by signing six deals with a total contract value (TCV) of over USD 10 million each, across various industry segments. This includes a noteworthy USD 40 million deal and a USD 20 million agreement, showcasing the company’s expanding market influence.
Stellar Q3 Performance for L&T Technology Services with Significant Revenue and Profit Increase
Innovation and New Technology Focus
Amit Chadha, CEO & Managing Director of L&T Technology Services, remarked on the company’s progress in new technology areas such as Artificial Intelligence (AI), software-defined vehicles (SDV), and cybersecurity. The company has filed 53 patents in AI across different segments, including Transportation, Medical, and Industrial Products. Additionally, LTTS secured its first major win in SDV with a U.S. Original Equipment Manufacturer (OEM) and a significant USD 10 million-plus deal in cybersecurity.
Awards and Recognitions
L&T Technology Services has been acknowledged for its excellence in engineering domains. Zinnov rated LTTS in the leadership zone across 14 Engineering domains, including Overall 2023 ER&D Services, Digital Engineering Services, Data & AI Engineering Services, and Industry 4.0 Ratings 2023. LTTS was also chosen as the Most Preferred Workspace 2023-24 in the IT/ITES category by Marksmen Daily.
Digital Engineering Awards and Women in Tech
The second annual Digital Engineering Awards, co-hosted by ISG, L&T Technology Services, and CNBC-TV18, celebrated diverse sectors’ achievements. The event saw a record 209 nominations, with a significant increase in nominations from women engineers.
Patent Portfolio and Human Resources
As of Q3FY24, LTTS boasts a patent portfolio of 1,249 patents, with 811 co-authored with customers. The company’s employee strength stands at 23,298, reflecting its commitment to innovation and growth.
L&T Technology Services’ impressive performance in Q3FY24 is a testament to its strategic focus on innovation, customer engagement, and operational excellence. With its continued emphasis on new technologies and market expansion, LTTS is well-positioned to maintain its growth trajectory and strengthen its leadership in the engineering services sector.